RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzie see the need for a rugged...

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RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025: The company pays $1,950 to GEICO for a one-year insurance policy. The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,150 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2025, the company pays $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial balance as of December 31, 2025, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2025 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. ect 3 Saved 1 S Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted will appear for each account, based on your selection. Unadjusted 04:16:13 eBook Revenues: Print erences W Net Sales Gross Profit Operating Expenses: GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Prev 1 of 3 Mad 6:01 ces Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is rep on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on Unadjusted Assets Current Assets: GREAT ADVENTURES, INCORPORATEC+ Balance Sheet December 31, 2025 Liabilities Current Liabilities: Total Current Liabilities Long-term Liabilities: Total Current Assets Long-term Assets: Total Liabilities Stockholders' Equity RWP7-1 (Algo) Great Adventures Continuing Case (GL) Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2025, for $12,600. They expect to use the Suburban for five years and then sell the vehicle for $4,800. The following expenditures related to the vehicle were also made on July 1, 2025: The company pays $1,950 to GEICO for a one-year insurance policy. The company spends an extra $3,600 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. An additional $2,150 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2025, the company pays $700 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and inserting a new air filter. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab. 3. Review the adjusted 'Trial balance as of December 31, 2025, in the 'Trial Balance' tab. 4. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2025 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab. ect 3 Saved 1 S Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Choose the appropriate accounts to be reported on the income statement. The unadjusted, adjusted will appear for each account, based on your selection. Unadjusted 04:16:13 eBook Revenues: Print erences W Net Sales Gross Profit Operating Expenses: GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Prev 1 of 3 Mad 6:01 ces Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is rep on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on Unadjusted Assets Current Assets: GREAT ADVENTURES, INCORPORATEC+ Balance Sheet December 31, 2025 Liabilities Current Liabilities: Total Current Liabilities Long-term Liabilities: Total Current Assets Long-term Assets: Total Liabilities Stockholders' Equity